With real estate values slumping,
investors and private homeowners alike are turning the
epidemic of foreclosed homes into opportunities. Sadly –
depending on what side of the fence you are on – one
person's misfortune is another's potential goldmine. So,
where can one find these undervalued hidden treasures?
The first and perhaps most obvious
answer is your local realtor’s office. They will know which
houses have recently been foreclosed and what their various
situations are. Realtors will usually give you more
information than any other resource, as it is their
profession to sell homes and foreclosed homes are a big
part of their work at the moment. They are typically very
in tune with which properties are under stress in the area.
Realtors will also be local and you won’t have to pay them
anything unless you end up buying the property.
Underrated and overlooked, bank websites
and databases prove to be excellent sources. Banks would
love to unload houses with defaulted mortgages and their
websites often reflect this by giving you impressive and up
to date photos, addresses and contact information for a
local agent. They can list hundreds of homes that are up
for sale and it is free to peruse the foreclosures.
Private foreclosure service websites can
be an excellent resource, but if you are going for free
listings they may not be your best bet. There are a couple
such websites that are free, but to access better
information, more often than not there is a catch like a
seven day subscription or a one time payment.
Finally, the government can be a great
tool in finding foreclosed homes for free. Your county’s
website will often have a list of foreclosed homes and
sometimes even sales or weekly auctions. If you don’t want
to visit your county office or website, check with the
Department of Housing and Urban Development. Although
houses they own are sold “as is”, look hard and you may
find a rare gem.